With regulators from the UK to Australia to Singapore flagging new unlicensed and clone brokers every week in 2026, the single most valuable habit you can build is checking a firm before you deposit. Here is how to do it properly.
Step 1 — Find the regulator the broker claims
A broker should clearly state which authority regulates it and give a licence or reference number. No clear regulator, or vague claims of being ‘internationally regulated’, is itself a warning sign.
Step 2 — Verify on the official register
- UK: search the FCA Register and FCA Warning List
- Australia: check ASIC Connect and ASIC’s Investor Alert List
- Singapore: use the MAS Financial Institutions Directory and Investor Alert List
- EU: check the relevant national regulator (e.g. BaFin, CySEC) and ESMA warnings
Step 3 — Compare every detail
Clone firms copy real licence numbers. Compare the website, phone, email and company address against the official register entry. Any mismatch — even a slightly different domain — is a red flag. Contact the regulator using details from the regulator’s own site, never a number the broker provides.
Step 4 — Look for independent signals
Check for consistent, credible complaints about withdrawals, and be sceptical of flawless five-star reviews. Combine this with the warning signs of unregulated brokers and our scam-broker identification guide.
Five minutes of checking can save a lifetime of savings. If a broker discourages you from verifying it, walk away.
This article summarises publicly reported regulatory actions and news for educational and consumer-awareness purposes. Details are based on statements from regulators and press reports at the time of writing; always verify the current status of any firm directly with the relevant regulator before making decisions.

